Oil prices rebound slightly amid Trump's Fed critique
Oil prices on the New York Stock Exchange rose following Monday's decline, influenced by criticism from President Donald Trump towards the Federal Reserve and its chairman, Jerome Powell. It's important to note that the increase doesn't fully offset the significant drop from the previous week.
Oil prices experienced a recovery after a notable decline on Monday, which was sparked by President Trump's criticism of the Federal Reserve's actions under Jerome Powell. This situation created ripples across global markets, as observed by brokers.
On the New York Stock Exchange, NYMEX, the price of a barrel of West Texas Intermediate for May delivery stands at $63.73, marking a rise of 1.03%.
Meanwhile, on the London ICE exchange, the price of Brent crude for June increased by 0.69%, reaching $66.72 per barrel. It's worth mentioning that on Monday, Brent's price fell by 2.5%.
Criticism of the Fed and its impact on the markets
President Trump cautioned that the American economy might slow down if the Fed doesn't lower interest rates, continuing his criticism of Jerome Powell. Trump is even considering removing Powell, which led to a sell-off of U.S. company stocks, bonds, and the dollar on Monday.
Oil faced pressure on Monday due to worries over escalating global trade tensions, which could impact energy demand. Vandana Hari, co-founder of the consultancy Vanda Insights, notes that it's currently challenging to identify factors that could drive stronger oil price increases.
Analysts highlight that this month saw a return of larger oil supplies from OPEC+ alliance countries to global fuel markets. This raises concerns about a potential oversupply, increasing pressure on prices.
